BDC Filing Season: Q2 2026 Week 2
BDC Filing Season Q2 2026 Week 2
BDC data provided by the Workstation BDC Data, a SOLVE product. For more information about our BDC data or our other products please contact marketpulse@solvefixedincome.com.
Filing Recap
This report will analyze 40 BDCs that filed this week. Aggregate Fair Value reported by these BDCs is 140.2 Billion USD which is approximately 25.41% of aggregate AUM of all BDCs.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| Apollo Debt Solutions BDC | 824 | 100.00% | 26,050,838 | -1.058% | 24,941,249 | 25,775,130 | — | — | — |
| ARES STRATEGIC INCOME FUND | 1,280 | 100.00% | 21,997,632 | -0.723% | 20,447,333 | 21,838,651 | — | — | — |
| Goldman Sachs Private Credit Corp. | 797 | 100.00% | 18,545,782 | -1.087% | 21,713,677 | 18,344,167 | — | — | — |
| FS KKR Capital Corp. | 622 | 100.00% | 12,620,200 | -9.403% | 11,734,095 | 11,433,500 | 19.90% | 9.16% | 20.08% |
| Ares Core Infrastructure Fund | 67 | 100.00% | 7,067,499 | 3.720% | 1,236,744 | 7,330,438 | — | — | — |
| Monroe Capital Income Plus Corp | 934 | 100.00% | 6,047,458 | -1.505% | 6,637,685 | 5,956,417 | — | — | — |
| Main Street Capital Corp. | 622 | 100.00% | 4,978,441 | 15.495% | 3,994,519 | 5,749,836 | — | — | — |
| Diameter Credit Co. | 181 | 100.00% | 2,952,081 | 0.005% | 2,603,265 | 2,952,221 | — | — | — |
| Carlyle Credit Solutions Inc. | 292 | 100.00% | 2,834,436 | -2.991% | 2,740,370 | 2,749,666 | — | — | — |
| KKR FS Income Trust | 480 | 100.00% | 2,659,181 | 0.249% | 4,624,308 | 2,665,791 | — | — | — |
| PennantPark Floating Rate Capital Ltd. | 542 | 100.00% | 2,728,262 | -4.501% | 2,606,595 | 2,605,466 | — | — | — |
| Fidelity Private Credit Fund | 385 | 100.00% | 2,510,456 | -1.354% | 2,323,599 | 2,476,461 | — | — | — |
| Bain Capital Specialty Finance Inc. | 586 | 100.00% | 2,427,322 | -0.481% | 2,111,174 | 2,415,653 | — | — | — |
| Kayne Anderson BDC LLC | 336 | 100.00% | 2,304,505 | -0.551% | 2,281,257 | 2,291,802 | — | — | — |
| T Series Middle Market Loan Fund LLC | 559 | 100.00% | 2,323,816 | -2.587% | 2,258,590 | 2,263,688 | — | — | — |
| New Mountain Guardian IV BDC LLC | 443 | 100.00% | 2,095,505 | -1.148% | 2,427,769 | 2,071,442 | — | — | — |
| APS BDC LLC | 139 | 100.00% | 2,102,083 | -1.476% | 2,260,218 | 2,071,054 | — | — | — |
| Blackstone Private Real Estate Credit & Income Fund | 123 | 100.00% | 2,039,373 | 0.373% | 2,206,824 | 2,046,988 | — | — | — |
| New Mountain Private Credit Fund | 357 | 100.00% | 1,880,606 | -2.820% | 2,005,021 | 1,827,565 | — | — | — |
| 26North BDC Inc. | 145 | 100.00% | 1,818,784 | -0.693% | 1,779,740 | 1,806,183 | — | — | — |
| Overland Advantage | 45 | 100.00% | 1,645,460 | -0.451% | 1,667,425 | 1,638,034 | — | — | — |
| Goldman Sachs Private Middle Market Credit II LLC | 161 | 100.00% | 1,559,250 | -6.308% | 1,537,581 | 1,460,899 | — | — | — |
| MSC Income Fund Inc. | 466 | 100.00% | 1,328,093 | 6.142% | — | 1,409,671 | — | — | — |
| Pennant Park Investment | 483 | 100.00% | 1,267,443 | -2.763% | 1,146,336 | 1,232,424 | — | — | — |
| Stellus Capital Investment Corp. | 392 | 100.00% | 977,628 | -0.960% | 924,381 | 968,246 | — | — | — |
| Varagon Capital Corp. | 396 | 100.00% | 887,545 | -4.075% | 804,176 | 851,377 | — | — | — |
| Blue Owl Capital Corp. II | 230 | 100.00% | 739,627 | -6.512% | — | 691,465 | — | — | — |
| TCW Direct Lending VIII LLC | 65 | 100.00% | 680,699 | 0.939% | 655,305 | 687,092 | — | — | — |
| Silver Point Private Credit Fund | 94 | 100.00% | 678,106 | -0.782% | 751,832 | 672,802 | — | — | — |
| West Bay BDC LLC | 148 | 100.00% | 613,545 | -0.813% | 815,542 | 608,554 | — | — | — |
| North Haven Private Income Fund A LLC | 424 | 100.00% | 604,471 | -1.052% | 607,398 | 598,114 | — | — | — |
| WhiteHorse Finance Inc. | 149 | 100.00% | 617,260 | -4.065% | 584,271 | 592,166 | — | — | — |
| LGAM Private Credit LLC | 375 | 100.00% | 548,942 | -0.902% | 534,248 | 543,990 | — | — | — |
| Kayne DL 2021 Inc. | 239 | 100.00% | 352,308 | -0.088% | 334,463 | 351,998 | — | — | — |
| Silver Capital Holdings LLC | 38 | 100.00% | 337,376 | -12.573% | 345,883 | 294,957 | — | — | — |
| Oxford Square Capital Corp. | 71 | 100.00% | 419,150 | -31.859% | 705,045 | 285,613 | — | — | — |
| LAGO Evergreen Credit | 88 | 100.00% | 236,711 | -0.300% | 230,051 | 236,002 | — | — | — |
| TCW Star Direct Lending LLC | 54 | 100.00% | 224,731 | 2.175% | 219,655 | 229,618 | — | — | — |
| BIP Ventures Evergreen BDC | 25 | 100.00% | 130,854 | 26.795% | 73,904 | 165,915 | — | — | — |
| Hancock Park Corporate Income Inc. | 43 | 100.00% | 32,724 | -27.842% | 37,091 | 23,613 | — | — | — |
| Grand Total | 13,700 | 100% | 141,866,182 | -1.164% | 134,908,619 | 140,214,668 | 19.900% | 9.16% | 20.08% |
Non-Accruals
At least 24 BDCs that filed this week have reported Non–Accruals amounting to 2.26 Billion USD at Cost. FS KKR Capital Corp. and Apollo Debt Solutions BDC are leading the Non-Accruals list.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| FS KKR Capital Corp. | 23 | 3.67% | 866,100 | -51.495% | 1,008,100 | 420,100 | 34.8% | — | 30.8% |
| Apollo Debt Solutions BDC | 22 | 0.38% | 206,753 | -52.946% | 192,858 | 97,285 | — | — | — |
| Monroe Capital Income Plus Corp | 56 | 1.20% | 177,585 | -59.811% | 218,170 | 71,370 | — | — | — |
| Main Street Capital Corp. | 33 | 1.13% | 198,520 | -67.132% | 230,859 | 65,250 | — | — | — |
| Silver Capital Holdings LLC | 12 | 20.81% | 89,511 | -31.415% | 137,393 | 61,391 | — | — | — |
| Bain Capital Specialty Finance Inc. | 21 | 2.10% | 74,925 | -32.168% | 76,737 | 50,823 | — | — | — |
| Goldman Sachs Private Middle Market Credit II LLC | 9 | 3.18% | 75,374 | -38.301% | 83,591 | 46,505 | — | — | — |
| ARES STRATEGIC INCOME FUND | 3 | 0.21% | 70,522 | -35.838% | 75,935 | 45,249 | — | — | — |
| Kayne Anderson BDC LLC | 8 | 1.51% | 43,661 | -20.861% | 47,471 | 34,553 | — | — | — |
| MSC Income Fund Inc. | 24 | 1.83% | 74,940 | -65.507% | — | 25,849 | — | — | — |
| Carlyle Credit Solutions Inc. | 6 | 0.88% | 63,948 | -62.330% | 68,544 | 24,089 | — | — | — |
| Stellus Capital Investment Corp. | 18 | 2.32% | 46,993 | -52.296% | 50,111 | 22,418 | — | — | — |
| Blue Owl Capital Corp. II | 14 | 2.23% | 66,622 | -76.854% | 74,817 | 15,420 | — | — | — |
| T Series Middle Market Loan Fund LLC | 4 | 0.67% | 26,712 | -43.108% | 27,102 | 15,197 | — | — | — |
| WhiteHorse Finance Inc. | 7 | 2.55% | 29,960 | -49.613% | 37,316 | 15,096 | — | — | — |
| Goldman Sachs Private Credit Corp. | 1 | 0.07% | 27,212 | -54.436% | 32,415 | 12,399 | — | — | — |
| PennantPark Floating Rate Capital Ltd. | 8 | 0.42% | 26,901 | -58.927% | 31,533 | 11,049 | — | — | — |
| Pennant Park Investment | 8 | 0.81% | 31,031 | -67.910% | 23,687 | 9,958 | — | — | — |
| Varagon Capital Corp. | 16 | 1.09% | 22,035 | -57.699% | 23,528 | 9,321 | — | — | — |
| TCW Direct Lending VIII LLC | 4 | 1.07% | 19,663 | -62.513% | 22,994 | 7,371 | — | — | — |
| Fidelity Private Credit Fund | 5 | 0.29% | 15,851 | -54.530% | 15,938 | 7,207 | — | — | — |
| Hancock Park Corporate Income Inc. | 6 | 7.08% | 4,710 | -64.502% | 5,023 | 1,672 | — | — | — |
| Kayne DL 2021 Inc. | 3 | 0.22% | 493 | 55.375% | 746 | 766 | — | — | — |
| KKR FS Income Trust | 2 | 0.00% | 213 | -86.385% | 231 | 29 | — | — | — |
| Grand Total | 313 | 0.93% | 2,260,236 | -52.64% | 2,485,099 | 1,070,367 | 34.77% | — | 30.84% |
Payment in-Kind (PIK)
BDCs are increasingly using payment-in-kind (PIK) as a credit management tool to preserve liquidity. In the filings from this week, PIK accounted for 11% of BDCs’ portfolios, amounting to 15.7 billion USD at Cost.
| Name | Number of Investments | % Portfolio | Cost | % Gain/Loss | Principal Value | Fair Value | FV Yield | Filtered Yield | Cost Yield |
|---|---|---|---|---|---|---|---|---|---|
| FS KKR Capital Corp. | 72 | 21.73% | 2,820,800 | -11.915% | 2,290,821 | 2,484,700 | 22.25% | 9.34% | 21.86% |
| ARES STRATEGIC INCOME FUND | 95 | 10.64% | 2,341,882 | -0.794% | 2,039,855 | 2,323,282 | — | — | — |
| Apollo Debt Solutions BDC | 31 | 6.78% | 1,780,521 | -1.875% | 1,826,231 | 1,747,141 | — | — | — |
| Goldman Sachs Private Credit Corp. | 52 | 9.34% | 1,761,199 | -2.665% | 2,012,080 | 1,714,259 | — | — | — |
| Ares Core Infrastructure Fund | 1 | 13.84% | 1,014,621 | 0.000% | — | 1,014,621 | — | — | — |
| Monroe Capital Income Plus Corp | 137 | 9.84% | 691,158 | -15.207% | 761,522 | 586,054 | — | — | — |
| Carlyle Credit Solutions Inc. | 51 | 17.07% | 529,171 | -11.312% | 508,111 | 469,309 | — | — | — |
| Main Street Capital Corp. | 97 | 8.08% | 602,069 | -22.853% | 572,363 | 464,478 | — | — | — |
| Bain Capital Specialty Finance Inc. | 86 | 15.98% | 429,683 | -10.154% | 416,758 | 386,053 | — | — | — |
| Diameter Credit Co. | 13 | 11.72% | 357,292 | -3.171% | 258,367 | 345,962 | — | — | — |
| Goldman Sachs Private Middle Market Credit II LLC | 37 | 20.24% | 345,613 | -14.434% | 368,669 | 295,727 | — | — | — |
| T Series Middle Market Loan Fund LLC | 68 | 11.23% | 298,537 | -14.812% | 281,768 | 254,319 | — | — | — |
| New Mountain Private Credit Fund | 31 | 13.46% | 271,040 | -9.258% | 205,616 | 245,946 | — | — | — |
| MSC Income Fund Inc. | 86 | 13.48% | 249,534 | -23.822% | — | 190,090 | — | — | — |
| APS BDC LLC | 9 | 9.13% | 199,618 | -5.312% | 203,892 | 189,015 | — | — | — |
| KKR FS Income Trust | 21 | 6.80% | 183,444 | -1.204% | 183,804 | 181,236 | — | — | — |
| Blue Owl Capital Corp. II | 49 | 25.29% | 205,366 | -14.854% | 193,496 | 174,860 | — | — | — |
| Fidelity Private Credit Fund | 18 | 6.95% | 193,891 | -11.209% | 196,134 | 172,158 | — | — | — |
| Kayne Anderson BDC LLC | 27 | 6.73% | 158,003 | -2.342% | 159,825 | 154,303 | — | — | — |
| TCW Direct Lending VIII LLC | 16 | 18.77% | 159,421 | -19.124% | 164,626 | 128,933 | — | — | — |
| New Mountain Guardian IV BDC LLC | 26 | 5.67% | 119,291 | -1.615% | 114,792 | 117,365 | — | — | — |
| Stellus Capital Investment Corp. | 33 | 11.71% | 120,721 | -6.096% | 121,059 | 113,362 | — | — | — |
| 26North BDC Inc. | 6 | 6.15% | 116,868 | -4.942% | 96,045 | 111,092 | — | — | — |
| Pennant Park Investment | 18 | 6.76% | 88,069 | -5.441% | 88,527 | 83,277 | — | — | — |
| North Haven Private Income Fund A LLC | 39 | 12.06% | 74,580 | -3.268% | 74,488 | 72,143 | — | — | — |
| WhiteHorse Finance Inc. | 23 | 12.08% | 85,687 | -16.495% | 83,957 | 71,553 | — | — | — |
| Silver Capital Holdings LLC | 12 | 23.39% | 94,610 | -27.094% | 142,572 | 68,976 | — | — | — |
| LGAM Private Credit LLC | 37 | 9.99% | 56,250 | -3.401% | 55,812 | 54,337 | — | — | — |
| West Bay BDC LLC | 11 | 8.89% | 54,979 | -1.566% | 70,921 | 54,118 | — | — | — |
| Varagon Capital Corp. | 39 | 6.02% | 68,933 | -25.699% | 71,122 | 51,218 | — | — | — |
| TCW Star Direct Lending LLC | 12 | 21.43% | 58,042 | -15.228% | 58,807 | 49,204 | — | — | — |
| PennantPark Floating Rate Capital Ltd. | 8 | 1.65% | 50,176 | -14.160% | 50,642 | 43,071 | — | — | — |
| Silver Point Private Credit Fund | 3 | 5.99% | 41,043 | -1.747% | 41,717 | 40,325 | — | — | — |
| LAGO Evergreen Credit | 7 | 14.70% | 34,018 | 1.954% | 35,223 | 34,683 | — | — | — |
| Oxford Square Capital Corp. | 6 | 8.58% | 27,413 | -10.595% | 32,677 | 24,508 | — | — | — |
| Kayne DL 2021 Inc. | 15 | 6.04% | 21,925 | -2.978% | 22,206 | 21,272 | — | — | — |
| Hancock Park Corporate Income Inc. | 9 | 16.54% | 5,765 | -32.255% | 6,046 | 3,906 | — | — | — |
| Grand Total | 1,301 | 10.66% | 15,711,234 | -7.48% | 13,810,551 | 14,536,856 | 22.25% | 9.34% | 21.86% |
Portfolio Composition By Industry
The chart below is a bird’s-eye view of the BDCs aggregate Industry Diversification.
Portfolio Composition By Asset Class
The chart below is an overview of the BDCs aggregate Diversification by Asset Class.
BDC Investments Maturing in the next 12 Months
The table below summarizes aggregate investments of this week’s BDCs that are maturing in the next 12 months, which combined are worth more than 4.7 Billion USD at cost.
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| FS KKR Capital Corp. | 743,300 | 660,900 |
| Goldman Sachs Private Middle Market Credit II LLC | 424,153 | 413,933 |
| Monroe Capital Income Plus Corp | 404,459 | 383,797 |
| Main Street Capital Corp. | 387,416 | 352,508 |
| Kayne Anderson BDC, LLC | 309,460 | 281,845 |
| Apollo Debt Solutions BDC | 296,353 | 253,922 |
| Pennant Park Investment | 290,093 | 278,549 |
| PennantPark Floating Rate Capital Ltd. | 181,981 | 172,995 |
| Stellus Capital Investment Corp. | 164,097 | 138,083 |
| T Series Middle Market Loan Fund LLC | 145,172 | 140,128 |
| Bain Capital Specialty Finance Inc. | 141,714 | 139,782 |
| Silver Capital Holdings LLC | 136,129 | 127,703 |
| Carlyle Credit Solutions, Inc. | 129,253 | 121,359 |
| Fidelity Private Credit Co LLC | 110,870 | 105,701 |
| Overland Advantage | 107,392 | 107,377 |
| MSC Income Fund Inc. | 101,096 | 94,561 |
| Goldman Sachs Private Credit Corp. | 92,236 | 76,910 |
| Blue Owl Capital Corp. II | 83,801 | 51,445 |
| 26North BDC, Inc. | 61,674 | 60,685 |
| Varagon Capital Corp. | 54,428 | 49,183 |
| WhiteHorse Finance Inc. | 50,264 | 45,566 |
| Ares Core Infrastructure Fund | 46,598 | 46,882 |
| TCW Direct Lending VIII LLC | 41,433 | 41,046 |
| New Mountain Private Credit Fund | 37,643 | 32,835 |
| Kayne DL 2021 Inc. | 35,699 | 34,381 |
| KKR FS Income Trust | 33,758 | 33,727 |
| Blackstone Private Real Estate Credit & Income Fund | 25,842 | 25,837 |
| New Mountain Guardian IV BDC LLC | 21,611 | 19,864 |
| North Haven Private Income Fund A LLC | 18,073 | 18,060 |
| LAGO Evergreen Credit | 13,183 | 13,912 |
| LGAM Private Credit LLC | 10,430 | 10,445 |
| West Bay BDC LLC | 9,234 | 9,172 |
| Hancock Park Corporate Income Inc. | 6,542 | 4,847 |
| Silver Point Private Credit Fund | 5,776 | 5,760 |
| BIP Ventures Evergreen BDC | 2,719 | 2,719 |
| Oxford Square Capital Corp. | 333 | – |
| Grand Total | 4,724,215 | 4,356,419 |
Top 10 BDC Investments
BDCs’ portfolio quality can be measured by taking a deeper dive into the BDC’s top 10 investments. While these investments are small in number, they are the primary determinant of a BDC’s portfolio performance. Top 10 Investments of BDCs that filed this week amount to 34.6 Billion USD (Cost) accounting for 24.40% of their aggregate holdings (Cost).
| BDC | Cost (1000) | FV (1000) |
|---|---|---|
| Ares Core Infrastructure Fund | 5,966,951 | 6,226,936 |
| FS KKR Capital Corp. | 4,631,200 | 3,765,700 |
| Goldman Sachs Private Credit Corp. | 3,241,947 | 3,215,977 |
| Apollo Debt Solutions BDC | 3,032,775 | 3,018,384 |
| ARES STRATEGIC INCOME FUND | 2,421,621 | 2,330,683 |
| APS BDC LLC | 1,341,749 | 1,323,629 |
| Blackstone Private Real Estate Credit & Income Fund | 1,157,062 | 1,161,662 |
| Main Street Capital Corp. | 928,174 | 1,160,598 |
| PennantPark Floating Rate Capital Ltd. | 892,510 | 786,722 |
| Bain Capital Specialty Finance Inc. | 864,815 | 816,868 |
| Overland Advantage | 823,776 | 817,038 |
| Monroe Capital Income Plus Corp | 759,019 | 776,978 |
| Pennant Park Investment | 739,569 | 736,219 |
| Diameter Credit Co. | 737,040 | 727,682 |
| 26North BDC, Inc. | 577,498 | 572,051 |
| KKR FS Income Trust | 570,128 | 566,564 |
| Goldman Sachs Private Middle Market Credit II LLC | 545,651 | 528,448 |
| New Mountain Private Credit Fund | 453,816 | 440,005 |
| Kayne Anderson BDC, LLC | 441,230 | 426,537 |
| Carlyle Credit Solutions, Inc. | 405,057 | 367,745 |
| New Mountain Guardian IV BDC LLC | 386,753 | 384,358 |
| Fidelity Private Credit Fund | 380,333 | 383,330 |
| Varagon Capital Corp. | 297,721 | 282,778 |
| T Series Middle Market Loan Fund LLC | 296,378 | 287,857 |
| TCW Direct Lending VIII LLC | 275,512 | 272,415 |
| MSC Income Fund Inc. | 270,058 | 327,897 |
| WhiteHorse Finance Inc. | 257,344 | 249,500 |
| Silver Capital Holdings LLC | 255,024 | 215,915 |
| Blue Owl Capital Corp. II | 254,900 | 217,002 |
| West Bay BDC LLC | 227,874 | 225,849 |
| Silver Point Private Credit Fund | 222,512 | 221,491 |
| Stellus Capital Investment Corp. | 184,375 | 146,225 |
| Oxford Square Capital Corp. | 172,463 | 89,287 |
| BIP Ventures Evergreen BDC | 122,574 | 157,636 |
| LAGO Evergreen Credit | 115,358 | 114,891 |
| TCW Star Direct Lending LLC | 101,603 | 96,349 |
| LGAM Private Credit LLC | 92,528 | 91,859 |
| North Haven Private Income Fund A LLC | 89,561 | 88,459 |
| Kayne DL 2021 Inc. | 65,057 | 65,521 |
| Hancock Park Corporate Income Inc. | 17,206 | 9,822 |
| Grand Total | 34,616,722 | 33,694,867 |
Source: SOLVE; Copyright (c) 2025.Redistribution Strictly Prohibited. Data can not be used in any way to populate a database nor shared with unauthorized users. See ADI Terms. All rights reserved. +1 (646) 699-5041.
BDC Filing Season Recaps are written by Sourav Srimal, Andrew Robartes, and Nayan Raj. For more information about our BDC data or our other products please contact marketpluse@solvefixedincome.com.
Sourav Srimal
Chief Growth Officer
ssrimal@solvefixedincome.com
Andrew Robartes
Data Analyst
arobartes@solvefixedincome.com
Ivan Chestaro
Data Analyst
ichestaro@solvefixedincome.com
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